Integrated Filing — IndAS

General information about company

Scrip Code	526608
NSE Symbol	ELECTHERM
MSEI Symbol	NOTLISTED
ISIN	INE822G01016
Name of company	ELECTROTHERM (INDIA) LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-04-2025
Date of end of financial year	31-03-2026
Date of board meeting when results were approved	11-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	03-02-2026
Description of presentation currency	INR
Level of rounding used in financial results	Lakhs
Reporting Type	Quarterly
Reporting Quarter	Third quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Unaudited
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	11-02-2026 18:45:00
End date and time of board meeting	11-02-2026 20:05:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification	Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	Yes

Financial Results Ind-AS

Amount in (Lakhs)

Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-10-2025	01-04-2025
B	Date of end of reporting period	31-12-2025	31-12-2025
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
1	Income
	Revenue from operations	90,379.00	2,55,210.00
	Other income	38.00	248.00
	Total income	90,417.00	2,55,458.00
2	Expenses
(a)	Cost of materials consumed	64,524.00	1,88,088.00
(b)	Purchases of stock-in-trade	0.00	19.00
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	4,551.00	(2,042.00)
(d)	Employee benefit expense	6,200.00	17,100.00
(e)	Finance costs	491.00	2,028.00
(f)	Depreciation, depletion and amortisation expense	1,111.00	3,223.00
(f)	Other Expenses
1	Other Expenses	18,169.00	51,149.00
	Total other expenses	18,169.00	51,149.00
	Total expenses	95,046.00	2,59,565.00
3	Total profit before exceptional items and tax	(4,629.00)	(4,107.00)
4	Exceptional items	0.00	0.00
5	Total profit before tax	(4,629.00)	(4,107.00)
6	Tax expense
7	Current tax	0.00	0.00
8	Deferred tax	(1,079.00)	(1,153.00)
9	Total tax expenses	(1,079.00)	(1,153.00)
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0.00	0.00
11	Net Profit Loss for the period from continuing operations	(3,550.00)	(2,954.00)
12	Profit (loss) from discontinued operations before tax	0.00	0.00
13	Tax expense of discontinued operations	0.00	0.00
14	Net profit (loss) from discontinued operation after tax	0.00	0.00
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0.00	0.00
16	Total profit (loss) for period	(3,550.00)	(2,954.00)
17	Other comprehensive income net of taxes	(70.00)	(209.00)
18	Total Comprehensive Income for the period	(3,620.00)	(3,163.00)
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	1,274.00	1,274.00
	Face value of equity share capital	10	10
27	Details of debt securities
22	Reserves excluding revaluation reserve
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	-27.87	-23.19
	Diluted earnings (loss) per share from continuing operations	-27.87	-23.19
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	-27.87	-23.19
	Diluted earnings (loss) per share from continuing and discontinued operations	-27.87	-23.19
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		Textual Information(1)

Disclosure of notes on financial results

Textual Information(1)	1. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) for quarter and nine month ended on December 31, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 11, 2026.The Statutory Auditor has carried out a Limited Review of the Unaudited Financial Result for the Quarter & Nine Months ended on December 31, 2025. 2. As per Ind AS 108 Operating Segments, if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. 3. (a) The Company had fully repaid the principal amount of the loan and Interest in accordance with the settlement terms agreed with Rare Asset Reconstruction Limited (assignee of Dena Bank). The Company is currently in the process of reconciling all loan accounts with Rare Asset Reconstruction Limited and obtaining the No Dues Certificate. Accordingly, the final accounting treatment of the said liability will be determined and given upon completion of the reconciliation process and receipt of the No Dues Certificate. On receipt of No Due certiicate and compliance of all terms and conditions of the settlement there will be reduction of debt by Rs. 23.44 Crores. b) During the nine month ended on December 31, 2025, the Company had defaulted in repayment of the loan of the quarterly installment due in the month of September 2025 and Decembers 2025 amounting to Rs 16.00 crores and interest thereon amounting to Rs 2.68 crores, to Invent Assets Securitisation & Reconstruction Private Limited (assignee of debts of Allahabad Bank (now Indian Bank) and Punjab National Bank. (c) In respect of the loan specified in para 3(b), as per the terms of the settlement of loans, any default thereof, would result in withdrawal of the settlement and reinstatement of all dues and liabilities under the original loan agreement. Since the company is in discussion with the lender for the reschedulement of such default, the company anticipates that no further liability will arise under the original loan terms. (d) The impact of debt reduction arising from the settlements with the Asset Reconstruction Companies will be recognized upon full compliance with all conditions of the settlement agreements and completion of the requisite formalities. (e) Indian Overseas Bank had classified the loan account of the Company as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of Rs 183.95 crore (after adjustment of amount recovered / paid by the Company). This loan was subsequently assigned to Rare Asset Reconstruction Limited (Rare ARC). However, as of the date of this report, the Company has not entered into any settlement agreement with Rare ARC. Further, the Hon’ble Debt Recovery Tribunal (DRT), Ahmedabad, had passed a judgment dated September 20,2018 against the Company and the guarantors for the recovery of dues, along with future interest at the rate of 12.75% per annum with monthly rests. The Company has not provided for interest expenses on the said loan for the quarter and nine month ended on December 31, 2025, amounting to Rs 37.98 crore and Rs 110.41 crore respectively. As a result, the net loss for the quarter and nine month ended on December 31, 2025, is understated by Rs 37.98 crore and Rs 110.41 crore respectively. Consequently, the total liability towards Rare ARC and the retained earnings/(loss) as on December 31, 2025, are understated by Rs 1026.92 crore. The Statutory Auditor has expressed a qualification in their limited review report with respect to the non-provision of interest on the said loan.

Textual Information(1)

1. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) for quarter and nine month ended on December 31, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 11, 2026.The Statutory Auditor has carried out a Limited Review of the Unaudited Financial Result for the Quarter & Nine Months ended on December 31, 2025. 2. As per Ind AS 108 Operating Segments, if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. 3. (a) The Company had fully repaid the principal amount of the loan and Interest in accordance with the settlement terms agreed with Rare Asset Reconstruction Limited (assignee of Dena Bank). The Company is currently in the process of reconciling all loan accounts with Rare Asset Reconstruction Limited and obtaining the No Dues Certificate. Accordingly, the final accounting treatment of the said liability will be determined and given upon completion of the reconciliation process and receipt of the No Dues Certificate. On receipt of No Due certiicate and compliance of all terms and conditions of the settlement there will be reduction of debt by Rs. 23.44 Crores. b) During the nine month ended on December 31, 2025, the Company had defaulted in repayment of the loan of the quarterly installment due in the month of September 2025 and Decembers 2025 amounting to Rs 16.00 crores and interest thereon amounting to Rs 2.68 crores, to Invent Assets Securitisation & Reconstruction Private Limited (assignee of debts of Allahabad Bank (now Indian Bank) and Punjab National Bank. (c) In respect of the loan specified in para 3(b), as per the terms of the settlement of loans, any default thereof, would result in withdrawal of the settlement and reinstatement of all dues and liabilities under the original loan agreement. Since the company is in discussion with the lender for the reschedulement of such default, the company anticipates that no further liability will arise under the original loan terms. (d) The impact of debt reduction arising from the settlements with the Asset Reconstruction Companies will be recognized upon full compliance with all conditions of the settlement agreements and completion of the requisite formalities. (e) Indian Overseas Bank had classified the loan account of the Company as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of Rs 183.95 crore (after adjustment of amount recovered / paid by the Company). This loan was subsequently assigned to Rare Asset Reconstruction Limited (Rare ARC). However, as of the date of this report, the Company has not entered into any settlement agreement with Rare ARC. Further, the Hon’ble Debt Recovery Tribunal (DRT), Ahmedabad, had passed a judgment dated September 20,2018 against the Company and the guarantors for the recovery of dues, along with future interest at the rate of 12.75% per annum with monthly rests. The Company has not provided for interest expenses on the said loan for the quarter and nine month ended on December 31, 2025, amounting to Rs 37.98 crore and Rs 110.41 crore respectively. As a result, the net loss for the quarter and nine month ended on December 31, 2025, is understated by Rs 37.98 crore and Rs 110.41 crore respectively. Consequently, the total liability towards Rare ARC and the retained earnings/(loss) as on December 31, 2025, are understated by Rs 1026.92 crore. The Statutory Auditor has expressed a qualification in their limited review report with respect to the non-provision of interest on the said loan.

Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-10-2025	01-04-2025
Date of end of reporting period		31-12-2025	31-12-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Not Applicable	0.00	0.00
	Total Segment Revenue	0.00	0.00
	Less: Inter segment revenue	0.00	0.00
	Revenue from operations	0.00	0.00
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Not Applicable	0.00	0.00
	Total Profit before tax	0.00	0.00
	i. Finance cost	0.00	0.00
	ii. Other Unallocable Expenditure net off Unallocable income	0.00	0.00
	Profit before tax	0.00	0.00
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Not Applicable	0.00	0.00
	Total Segment Asset	0.00	0.00
	Un-allocable Assets	0.00	0.00
	Net Segment Asset	0.00	0.00
4	Segment Liabilities
	Segment Liabilities
1	Not Applicable	0.00	0.00
	Total Segment Liabilities	0.00	0.00
	Un-allocable Liabilities	0.00	0.00
	Net Segment Liabilities	0.00	0.00
	Disclosure of notes on segments	Textual Information(2)

Text Block

Textual Information(2)	4. The Company had received an order dated December 18, 2025 under Section 74 of the SGST Act, 2017, read with Section 74 of the CGST Act, 2017 and Section 20 of the IGST Act, 2017, for the Financial Year 2018–19, raising a demand aggregating to Rs 0.52 crore (comprising Rs 0.16 crore towards tax, Rs 0.20 crore towards interest, and Rs 0.16 crore towards penalty). The demand has been raised on the grounds of availment of input tax credit in respect of certain suppliers whose registrations were cancelled prior to the date of invoice, suppliers identified as non-genuine or non-existent, and suppliers who failed to file GSTR-3B and discharge tax liability on invoices reported in GSTR-1. The Company believes that the said order is not sustainable in law and has accordingly filed an appeal on January 30, 2026 before the Deputy Commissioner of State Tax (Appeals). The matter is currently pending for adjudication and therefore it's effect has not been given in the accounts. 5. Pursuant to the implementation of the New Labour Codes with effect from November 21, 2025 (the supporting Rules are yet to be notified), the Company has assessed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. On the basis of the estimation made by the company, the incremental impact on gratuity and compensated absences amounting to Rs. 9.35 crore had been provided in the financial results due to change in wage definition. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would give appropriate accounting effect on the basis of such developments as needed. 6. Few accounts of “Trade Receivables,” “Trade Payable”, “Advances from Customer’, Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. 7. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the company and directors of the company before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. 8. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure.

Textual Information(2)

4. The Company had received an order dated December 18, 2025 under Section 74 of the SGST Act, 2017, read with Section 74 of the CGST Act, 2017 and Section 20 of the IGST Act, 2017, for the Financial Year 2018–19, raising a demand aggregating to Rs 0.52 crore (comprising Rs 0.16 crore towards tax, Rs 0.20 crore towards interest, and Rs 0.16 crore towards penalty). The demand has been raised on the grounds of availment of input tax credit in respect of certain suppliers whose registrations were cancelled prior to the date of invoice, suppliers identified as non-genuine or non-existent, and suppliers who failed to file GSTR-3B and discharge tax liability on invoices reported in GSTR-1. The Company believes that the said order is not sustainable in law and has accordingly filed an appeal on January 30, 2026 before the Deputy Commissioner of State Tax (Appeals). The matter is currently pending for adjudication and therefore it's effect has not been given in the accounts. 5. Pursuant to the implementation of the New Labour Codes with effect from November 21, 2025 (the supporting Rules are yet to be notified), the Company has assessed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. On the basis of the estimation made by the company, the incremental impact on gratuity and compensated absences amounting to Rs. 9.35 crore had been provided in the financial results due to change in wage definition. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would give appropriate accounting effect on the basis of such developments as needed. 6. Few accounts of “Trade Receivables,” “Trade Payable”, “Advances from Customer’, Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. 7. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the company and directors of the company before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. 8. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure.

Other Comprehensive Income

Amount in (Lakhs)

Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-10-2025	01-04-2025
B	Date of end of reporting period	31-12-2025	31-12-2025
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurement Gain/(Loss) on Defined Benefit Plans	(70.00)	(209.00)
	Total Amount of items that will not be reclassified to profit and loss	(70.00)	(209.00)
2	Income tax relating to items that will not be reclassified to profit or loss	0.00	0.00
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	0.00	0.00
5	Total Other comprehensive income	(70.00)	(209.00)

Format for Disclosing Outstanding Default on Loans and Debt Securities

Amount in (Lakhs)

2.	Unlisted debt securities i.e. NCDs and NCRPS
Sr. No.	Particulars	Amount	Remarks
1.	Loans / revolving facilities like cash credit from banks / financial institutions
A	Total amount outstanding as on date	1,04,117.00	1) The amount is as at 31st December, 2025 as per books of the Company on provisional basis and is subject to confirmation from lender. 2) The Company has defaulted in repayment of loans to Financial Institutions as certain banks have assigned their loans / debts to Assets Reconstruction Companies (ARC). The Company has entered into settlement with ARC for payment of outstanding loans / debts on certain terms and conditions. The total amount outstanding shown at Sr. No. 1A is the outstanding amount as per the Books of Accounts of the Company on provisional basis (excluding uncharged interest) after deduction of settlement amount already paid upto the date of default i.e. 31st December, 2025 and are subject to confirmation from Financial Institutions.
B	Of the total amount outstanding, amount of default as on date	20,264.00	3) During the quarter ended 31st December, 2025, the Company defaulted in repayment of the installment of Rs 16.00 crores and interest thereon amounting to Rs 2.68 crores, due to Invent Assets Securitisation & Reconstruction Private Limited (assignee of debts of Allahabad Bank, now Indian Bank, and Punjab National Bank).
A	Total amount outstanding as on date	0.00
B	Of the total amount outstanding, amount of default as on date	0.00
3.	Total financial indebtedness of the listed entity including short-term and long-term debt	1,05,567.00	4) The amount of outstanding borrowings from financial institutions shown at Sr. No. 3 does not include the interest of unsettled lender Rare Asset Reconstruction Limited (being assignee of Indian Overseas Bank) not provided in the books of accounts, after the loan account has been classified as Non-Performing Assets (NPA) by such lender.